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Goldtrading

What 1 hr chart says ?Fundamental Descriptions: A strengthening dollar and rising U.S. Treasury yields impacted demand for the U.S. currency-priced yellow metal, which is set for a second consecutive monthly loss for the first time since March 2021. Gold prices will be influenced by the direction of U.S. Treasury yields and the U.S. Dollar. Higher yields lower the appeal of zero-yielding gold, while a stronger U.S. Dollar makes the greenback more expensive for the holders of foreign currencies. Although last week’s economic data for April signaled the economy is still strong, traders are still not sure if this trend will continue after the 50 basis point rate hike in May, and expectations of similar moves in June and July. This suggests heightened volatility could be the norm over the near-term. Technical View: Gold Price tested the bearish Moving Average , now at $1,849, with bears eyeing a decisive break below the latter to extend the ongoing downbeat momentum. The 14-day Relative Strength Index (RSI) is inching below the midline, allowing room for more declines. Alternate View: Recapturing the daily highs of $1,857 is critical to take on the upside towards the previous day’s high of $1,864.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Description: Gold was up on Monday morning in Asia. A weaker dollar gave the yellow metal a boost, but a move towards riskier assets in Asia capped gains. Gold Price ended Friday with mild gains above $1,850 while having booked the second straight weekly gains, as the US dollar correction extended alongside the US Treasury yields’ amid subsiding aggressive Fed tightening expectations. Technical View: Having found strong buyers once again at the bearish 200-Simple Moving Average, now at $1,849, gold price is looking for a retest of the previous week’s high of $1,870. Alternate View: Failure to resist the latter will reinforce the selling interest, opening floors for a fresh downswing towards the May 18 low of $1,807.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was up on Friday morning in Asia and was set for a second weekly gain after the dollar retreated from 20-year highs. Gold has benefited from a strong bearish reversal in the dollar. On May 13 the dollar index hit an apex trading to a high just above 105. In the last nine trading days, the dollar has declined to its current value of 101.775, or a 3.23% decline in value when compared to the basket of currencies that are compared against the dollar. Technical View: The next critical target is at $1,861, which bulls will have scale on a convincing basis to validate an upside break . Alternate View: If bears yield a sustained break below the 100-SMA, it will automatically invade the support as well, confirming a downside break.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Description: Gold was up on Thursday morning in Asia, while U.S. Treasury yields gained. Gold’s response has been quite disappointing, with the FOMC minutes also boosting risk sentiment. Gold cut some dollar strength-driven losses after Wednesday’s Fed minutes suggested the central bank would raise interest rates by 50 basis points in June and July 2022. Technical view: According to the daily chart, Gold is poised to extend its decline. Gold has retreated below a mildly bearish 20 SMA while it approaches a directionless 200 SMA, offering dynamic support around 1,838.00. Technical indicators, in the meantime, retreat from their midlines, gaining bearish traction within negative levels. Alternate View: Strong resistance is placed at $1,856, which is the horizontal 21-SMA, above which the hurdle at $1,863 will get tested.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was down on Wednesday morning , with inflation's uncertain path giving the yellow metal a uncertainity. The buying momentum around Gold Price extended on Tuesday, as bulls cinched fresh two-week highs at $1870. The US dollar tumbled alongside the yields, extending its downward correction despite a cautious market mood, led by a tech sell-off on the global markets. Weak US Manufacturing PMI for May also added to the dollar’s misery, benefiting XAUUSD. Technical View: In doing so, the bright metal gained for the fifth straight trading day, continuing its recovery from four-month troughs of $1787. After the relentless surge, gold bulls could see a minor pullback from two-week highs, with the immediate support of the 21-DMA likely to be tested. Alternate View: A break below the last could expose the next downside target of $1,850, below which the mildly bullish 200-DMA at $1,839 will challenge the bullish traders.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was up on Tuesday morning in Asia. The dollar was up, stabilizing after its fall during the previous session that helped boost the yellow metal to its highest point in two weeks. The bright metal took advantage of the dollar sell-off and built on the previous week’s recovery rally from four-month lows of $1787. However, the risk-on flows-driven rebound in the Wall Street indices, as well as, the US Treasury yields recalled gold sellers, which dragged the rates from multi-day highs. Technical View: The near-term technical outlook for the metal remains more or less the same. Gold bulls are challenging the 21-Daily Moving Average (DMA) hurdle at $1,857, having failed to hold ground above the latter. Daily closing above the latter is needed to confirm a bullish reversal, exposing the additional upside towards the mildly bullish 100-DMA at $1,885. Ahead of that the $1,870 round figure could challenge the bearish commitments. The 14-day Relative Strength Index (RSI) is testing the midline, currently standing at 46.25, justifying the bullish bias in the price. Alternate view: The immediate support is seen at the $1,850 psychological level. Sellers will then look out for the horizontal flattish 200-DMA at $1,839.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was up on Monday morning in Asia, hitting a more than one-week high. A weakening dollar continued to support the greenback-priced yellow metal, even as rising U.S. Treasury yields capped gains. On Friday, particularly, a flight to safety theme remained in play, which boosted the demand for safe havens such as the dollar and the US government bonds. Therefore, the US rates suffered and provided extra legs to gold’s recovery. Looking forward, the German IFO Business Survey could help calm tensions surrounding economic slowdown while the US docket lacks any top-tier macro release this week, making for a quiet start to the Fed minutes week. Technical Descriptions: Gold Price rose to a new six-day high of $1,849 on Friday, ending the week in the green for the first time in five. Friday’s advance was a continuation of the metal’s recovery from four-month lows of $1,787 reached last Monday. Ahead of that the $1,870 round figure could challenge the bearish commitments. The 14-day Relative Strength Index (RSI) is closing in on the midline, looking to recapture it. This suggests that bulls could await confirmation before resuming the recovery mode. Alternate view: Alternatively, the immediate support is seen at the flattish 200-DMA at $1,838. If sellers manage to find a strong foothold below the latter, then a steep drop towards the $1,800 demand area cannot be ruled out.
FOREXCOM:XAUUSD
by RASteven
Gold's Next Bull Leg In ProgressBull Gateway: 1852 Gold spot has created three consecutive positive bars in the last 25 trading sessions (36 days) for the first time. And it's above 200 MA. That's a good sign for buyers! If gold breaks the parallel channel, my upside targets are 1866 - 1882 - 1906 - 1920 . But, it hasn't broken the parallel channel in the last trading session. It's at the resistance line of it. And XAUUSD is quite far to the bull gateway level. So, wait and watch is an option for bull traders. Gold's downtrend will start from the 1832 level. If it fails to break the parallel channel, then go for the following levels blindly: 1826 - 1812 - 1800 Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas. Tuesday, May 24, 2022 04:30 FOMC Member George Speaks - Low Impact 19:30 New Home Sales (Apr) - Medium Impact Wednesday, May 25, 2022 18:00 Core Durable Goods Orders (MoM) (Apr) - Medium Impact 20:00 Crude Oil Inventories - High Impact 23:30 FOMC Meeting Minutes - Medium Impact Thursday, May 26, 2022 18:00 GDP (QoQ) (Q1), and Initial Jobless Claims - High Impact 20:00 Natural Gas Storage - Low Impact Friday, May 27, 2022 17:05 FOMC Member Bullard Speaks - Low Impact
OANDA:XAUUSD
by forextidings
2
What 1 hr chart says ?Fundamental Descriptions: Gold was down on Friday morning in Asia but set for its first weekly gain since mid-April 2022. The dollar retreated from two-decade highs and growing concerns over U.S. economic growth saw investors turn to the safe-haven asset. Gold Price extended the previous rebound and stormed through the critical 200-Daily Moving Average (DMA), now at $1,838 after lurking below the latter so far this week. Gold Price benefited, as the greenback resumed its correction from two-decade highs alongside falling yields. The bright metal jumped as much as 1.5% to test the $1,850 barrier before easing to settle the day at $1,842. Technical View: Five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the level of 1862. Alternate View: Should the 200-DMA, now support, cave in once again, then Wednesday's high at $1,825 will emerge as the next cushion for gold buyers.
FOREXCOM:XAUUSD
by RASteven
#StockMarket #StockIdeas #Goldtrade #Gold #GoldtradingGold Futures Gold trading at strong support levels Earlier after giving breakout from this levels now retrace again to its strong support level Can be positionally buy at CMP or above 50600 levels for short term targets of 50950 / 51250 & 51500. Partially profit booking is also good, with trailing stop loss. ---- Note: Above levels are for education purposes only Do your own analysis before taking any trade Use a strict trailing stop loss. Please Like & Follow
MCX:GOLD1!Long
by Jordan_n-
What 1 hr chart says ?Fundamental Descriptions: Gold was down on Thursday morning in Asia, with a steady dollar and elevated Treasury yields weighing on the greenback-priced bullion, whose outlook has already been dampened by the U.S. Federal Reserve’s aggressive stance on inflation. Global growth fears resurfaced and triggered a flight to safety theme across the board, reviving the safe-haven bids for the US dollar. The market turned risk-averse after hot inflation in the UK, Europe and Canada re-ignited growth fears, especially at a time when major global central banks are looking to tighten aggressively to curb raging inflation. Technical View: At the time of writing, XAUUSD is testing the rising trendline support at 1813, having failed to defend the horizontal 21-Simple Moving Average (SMA) at 1816. The next critical support awaits at the multi-month lows of 1787. Alternate View: The 200-SMA is critical to alleviating the bearish pressure, which could see gold bulls re-attempting resistance at 1819.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was down on Wednesday morning in Asia, with the dollar continuing its retreat from a 20-year high and countering pressure from stronger Treasury yields. Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar. The market’s early-week optimism fades as China reports higher covid cases. Having faced rejection at the critical 200-Daily Moving Average (DMA) of 1836, Gold Price changed its course and resumed the ongoing downtrend. Technical View: Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar. The immediate support is now seen at the 1800 mark, below which the multi-month lows of 1787 can be seen. Alternate Scenario: Any recovery attempt will eye a retest along the level of 1831.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was up on Tuesday morning in Asia, even as the dollar slowly resumed an upward trend. A sustained move under 1830 will signal the return of sellers. If this creates enough downside momentum then look for a retest of the intraday low at 1785, followed by 1783.80 mark. Technical View: Attempted recovery move stalled just ahead of the 1830 level. This is closely followed by the very important 200-day SMA, around the 1836 region, which should act as a pivotal point for short-term traders. Sustained strength beyond might trigger a fresh bout of a short-covering move and lift spot prices back towards the 1859-1860 supply zone. Alternate Scenario: The 1811-1808 region now seems to protect the immediate downside ahead of the 1800 round-figure mark and the overnight swing low, around the 1786 area.
FOREXCOM:XAUUSD
by RASteven
What 1 hr chart says ?Fundamental Descriptions: Gold was down on Monday morning in Asia, climbing up from a more than three-month low hit in the previous session. Lower U.S. Treasury yields kept demand for gold afloat above the $1,800 mark. Marking its fourth consecutive weekly decline, the yellow metal fell more than 1% on Friday to its lowest level since Feb. 4 at 1798.86, before closing at 1811.15. Market participants now look forward to the US economic docket, featuring the release of the Empire State Manufacturing Index for a fresh impetus later during the early North American session. Technical View: Last week’s sustained break and acceptance below the very important 200-day SMA was seen as a fresh trigger for bearish traders. Prices showed some resilience below the 1800 mark on Friday. Alternate Scenario: It will be interesting to see how early bulls will come forward to rescue gold in near term. Any upside attempt may lead the path for gold around the level of 1825-1830 region. This, in turn, might cap the metal near a technically significant moving average, around the $1,835 region.
FOREXCOM:XAUUSD
by RASteven